Yet, despite the similarities, the two groups of investors have been treated completely differently since the crimes of their respective fund managers were exposed. For many investors in Madoff’s Ponzi scheme — the “net winners” who took out more money than they put in — the experience has been hellish. Irving Picard, the trustee in the Madoff case, has sued many of them to recover some or all of their ill-gotten gains. By contrast, the Galleon investors have paid no price at all. They’ve been able to keep every ill-gotten penny. Why is this so? More to the point, why is it right?
‘Enforcement 40’ for 2020
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